March had opened with only a moderate business passing for Europe and America at prices which remained steady, but about the second week. of the month demand fell away and there was a considerable easing off in quotations, Then the first contract for the new season's crop was fixed, about 606 bales of Steam filatures, and meanwhile supplies became rather more plentiful. This activity was short lived, and the first half of April showed a dull market. Then America came in as a buyer, whereupon Europe immediately entered the market and a steady business ensued at current rates.
'A new feature was now introduced into the situation. The Conservative Government which had replaced the Labour administration in Great Britain fat the end of the previous year was in certain respects protectionist, and one of its decisions was the imposition of 'a tax on silk, The announcement of this and the certainty of its imposition caused a rush of silk to London, and the result was that towards the end of April all the suitable Tsatlee qualities that could be shipped in time to evade the duty were bought up and exported.
The effect of the duty on the market was, however, only temporary, and interest was quickly diverted to the prospects of the new crop.
The New Cocoon Crop The close of May sees the end of the old season, and on this occasion only all, but indifferently assorted stoc! remained to be carried forward.
The neve cocoon crop compared favourly with its predecessors. That of had been very poor, and the 1324 yield had been only moderate. The climatic and atmospheric conditions of 1925 had,- however, been generally favourable, and it could be described as good crop, while in some of the Tsutlee districts it was well above the average, Silk and tea were the commodities least affected by the events of May 50, Although during the. first half of June silk was quiet, Lyons then came into the market, buying Steam—filatures, Teatlee re-reels and Szechuan filatures at steady prices. It was inevitable, however, that the general strike which was declared could not leave the silk trade altogether untouched, and for two weeks the packers ceased work, The process of packing silk is a skilled occupation, and as a consequence of this action on the part of the packers, shipments were for the time being partially held up, although not by any means entirely, as various firms succeeded in carrying out this packing by means of their own staffs. In addition to this exporters had to contend against the very serious shipping strike which eventuated, but happily the difficulties which had to be contended against did not in this instance last very long, and 3 July business w America was apinterested in Tussah latures, and as he end of the month the lees eased off. by thi:
had been resumed on an normal scale.
The nativity of Ju into to be active from fed, the market was qui time ha:
tion was confined to Tussah filarea and Tsatlee re-reels of the new style.
Events proved that the demand from Europe was by no means at an end, for after two or three weeks' quiescence she again entered the market and during September made substantial purchases of Steam and Shantung filatures, this being continued well into October, when in addition Szechuan filatures were inquired for. As a result of this demand there had been a steadily rising market, and oven when it ceased the level of prices continued steady. In the meantime America had remained terested only in her particular qual of Tsatlee new style and Steam features, the prices for these continuing steady.
Text read from the printed page and cleaned; old type leaves the occasional error.